The residential projects could include affordable units, mid-range condominiums and housing for senior citizens, according to Francis Oda, chairman and chief executive of Group 70 International, Victoria Ward's architect.
The housing development is a later phase of Victoria Ward's proposed "waterfront village" project, whose centerpiece will be a $200 million retail and entertainment complex that the landowner plans to build with Indianapolis-based Simon DeBartolo Group Inc.
"We're trying to create an urban village . . . and create housing for a cross section of the community," said Oda.
Oda and Victoria Ward President Mitch D'Olier discussed the landowner's redevelopment plans at length yesterday in a meeting with the Star-Bulletin's editorial board.
D'Olier said it's too early to talk about location or the number of residential units since the current weak housing market makes building anytime soon unwise. But he hinted that the Diamond Head side of Victoria Ward's boundaries near the Nauru Tower luxury high-rise could be developed for residential use.
As for elderly housing, Oda envisions something like the Arcadia Retirement Residence in Manoa.
Senior citizens, Oda said, would be close to local medical centers, recreational facilities and shopping attractions.
As for Victoria Ward's retail plans, D'Olier said the company hopes to construct a shopping and entertainment complex that would complement - rather than compete with - Ala Moana Center.
Some of the proposed features of the new mall include:
A large-scale department store like Saks Fifth Avenue on the Diamond Head side of Ward Avenue at Ala Moana.
An urban entertainment project. D'Olier said that up to a a quarter of the mall will house entertainment tenants, which could include multi-screen cinemas and an IMAX theater.
A redeveloped Farmers Market and Ward Warehouse. The new mall would replace Ward Warehouse, which would be relocated mauka of the Computer City store near the Queen and Kamakee streets. Farmers Market would be torn down and rebuilt at the ewa side of Kamakee Street near Queen Street.
Meanwhile, a segment of Auahi Street between Kamakee Street and Ward Avenue will be knocked out to make way for the shopping center.
A 4,500-stall parking lot.
While some analysts fear that Hawaii may be over-retailed, D'Olier is optimistic that Hawaii will be able to support the type of retail tenants he's trying to attract. The state is well represented when it comes to luxury goods and big-box retailers but there's plenty of room for are many traditional U.S. retailers that aren't in Hawaii, he said.
D'Olier noted that Hawaii has a ratio of 9.6 square feet of retail space for every resident, compared with a national average of about 14 square feet per person. Tourist destinations like Orlando boast more than 20 square feet of retail space per person, he said.
Still, there are other obstacles. Victoria Ward needs building approval from the city and the state.
It also needs approval from state legislators for a $61 million state bond issue for the new parking lot.
D'Olier said the bonds are the key to the whole project and without them, the project won't get off the ground anytime soon.
He noted that the bonds' interest payments will be paid by the developers and won't cost the state any money. He said the bonds would allow the developers to borrow the state of Hawaii's credit rating to get the lowest interest rate.